Rural Accounting Mackay
Bespoke Rural Accounting Mackay
There are several tax legislation laws that agricultural landowners need to consider, and we’re here to ensure you operate in line with these standards and save money where possible.
We have years of experience in helping primary production businesses – both small and medium – who require specialist knowledge and advice pertaining to their industry.
We understand that every client has different needs and requirements and that’s why we offer a bespoke service to cater to your needs.
For more information, get in touch with us today.
Passing Down The Farm Or Property To The Next Generation
There are several factors to take into consideration when it comes to passing on your farm to the next generation, including management, ownership, and the division of your assets.
Passing on your farm or property to the next generation is a difficult conversation to have with family members. However, failure to do so could lead to significant confusion and conflict in the future.
It’s important to remember that property succession provides long-term plans for your business. Whitson Dawson recommends that you start these conversations early to manage expectations.
We can work alongside families to foster a no-pressure environment where business planning processes can be discussed openly between parties.
In these meetings, we can discuss how circumstances such as death, marriage, and birth can change property succession and provide monetary advice on the value of your property going forward.
If you require support passing down your farm or property, contact us today.
Purchasing Or Selling An Agricultural Property
Purchasing or selling agricultural property involves several legal processes, so it’s crucial that you complete these transactions in the most tax-efficient way.
Tax rates can fluctuate depending on what your agricultural land or property is used for whether there are buildings involved, and how long you own it. Additionally, the process is different for residential and commercial clients.
We work alongside our clients to open up tax-saving opportunities throughout the buying and selling process. We determine whether there are any issues regarding Capital Gains Tax (CGT) and Inheritance Tax Planning and come up with an appropriate solution to combat them.
There are multiple ways to purchase land – including as a partnership, company, or individual. We aim to make sure you follow the route that allows you to save on agent and auction fees whilst operating in accordance with the law.
Annual Tax Planning Advice
Whitson Dawson understands that rural business is ever-changing and that plans need to constantly be kept under review.
That’s why we offer annual tax planning advice that’s tailored to each individual client. We ensure that all tax processes are streamlined so that clients can benefit from timely solutions.
In all matters, we aim to provide a realistic account of your agricultural assets and discuss any potential concerns or future opportunities that could impact your rural business.
Our advice covers everything from tax implications and legal structures in an attempt to make sure that your tax planning scheme is viable.
To speak to a rural accountant Mackay based, contact us today.